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United Caps Off Frantic 24 Hours With Earnings Beat

United Continental Holdings (UAL - Get Report) after hours Wednesday reported first-quarter earnings per share that came in above expectations, and more importantly, it assured investors it would join the industry push to slow growth in response to poor domestic pricing.

The Chicago company reported adjusted earnings of $435 million in the first quarter, or $1.23 per share, topping estimates of $1.18 per share, on revenue that was in line at $8.2 billion. The company said it generated $1.2 billion in operating cash flow during the quarter and ended the period with $5.3 billion in unrestricted liquidity.

The earnings release caps a hectic 24 hours for United, which on Wednesday morning avoided a potential proxy fight by reaching an agreement with PAR Capital Management and Altimeter Capital Management to add three new directors and appoint director Robert A. Milton, a...